In the insurance field, a policy administration system is used to manage policies that an insurance company has written. A policy may be issued for any number of products or lines of business provided by the insurance company (e.g., vehicle insurance, home insurance, life insurance, etc.). Transactions made on the policy (e.g., changes to the policy such as renewal, cancellation, reinstatement, etc.) may be recorded and tracked by the policy administration system. In this regard, the policy administration system may act like a system of record for storing, organizing and maintaining various policy-related data generated by the insurance company.
Existing policy administration systems may be typically implemented as several monolithic systems, each of which is responsible for a product or line of business. While these separate monolithic systems may have access to some globally available data, the systems themselves are essentially isolated from one another. This makes the sharing of data and information between the systems difficult. As a result, during transactions, separate processing operations may be needed in order to determine the impact of the transactions on all the separate systems. This in turn may render the performance of many existing policy administration systems slow and/or inefficient.